The scrip was listed at Rs 161.50, a premium of 90% over the initial public offer (IPO) price. The stock was currently frozen at its upper limit of 5% over its listing price. The counter hit a high of Rs 169.55 and a low of Rs 161.50. About 19.52 lakh shares of the company changed hands at the counter.
Namo eWaste Management's IPO was subscribed 150.11 times. The issue opened for bidding on 4 September 2024 and it closed on 6 September 2024. The price band of the IPO was set at Rs 80 to Rs 85 per share.
The IPO comprised fresh issue of 60,24,000 shares. The promoter and promoter group shareholding diluted to 93.67% from 68.99% pre-IPO.
The company intends to utilize the net proceeds for funding the capital expenditure requirements of its subsidiary, Techeco Waste Management LLP, towards setting up of a new factory unit at Nashik, to meet working capital requirements, issue related expenses and for general corporate purpose.
Ahead of the IPO, Namo eWaste Management on 3 September 2024, raised Rs 14.57 crore from anchor investors. The board allotted 17.15 lakh shares at Rs 85 per share to 10 anchor investor.
E-waste Management offers comprehensive services for recycling of electrical and electronic equipment (EEE) waste like air conditioners, refrigerator, laptop, phones, washing machine, fans etc. The company manages large volume of electrical and electronic equipment waste and able to extract all of the components of an electrical item including precious and semi-precious metals like copper, aluminium, iron etc. The company's services portfolio includes, electronic recycling, refurbishment and extended producer responsibility services (EPR). As on 31 March 2024, the company has employed 48 employees.
The company recorded revenue from operations of Rs 100.93 crore and net profit of Rs 6.82 crore for the period as on 31 March 2024.
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